CorMedix Banks on DefenCath Sales in Q4 as Melinta Adds Upside

Core Insights - CorMedix's primary revenue source is DefenCath, the first and only antimicrobial catheter lock solution approved in the U.S., aimed at reducing catheter-related bloodstream infections (CRBSIs) in adult patients undergoing chronic hemodialysis [1][3] - DefenCath recorded $167.6 million in net sales during the first nine months of 2025, with expectations for continued strong sales growth in the fourth quarter due to increased utilization by outpatient dialysis customers [2][5] - CorMedix reported preliminary net revenues of approximately $127 million for Q4 2025 and $310 million for the full year, with 2026 revenue guidance set at $300-$320 million, including $150-$170 million from DefenCath [3][5] Business Diversification - CorMedix acquired Melinta Therapeutics in August 2025, adding seven approved therapies to its portfolio and generating $12.8 million in revenues in Q3 2025, which helps reduce reliance on DefenCath [4][5] Competitive Landscape - CorMedix faces significant competition from established players in the heparin market, including Pfizer, Amphastar Pharmaceuticals, B. Braun, Baxter, and Fresenius Kabi USA, which could pose risks to its market position [6][7][8] - The potential entry of larger companies into the CRBSI prevention space could increase competitive pressure on CorMedix [8][9] Stock Performance and Valuation - CorMedix's stock has decreased by 33.1% over the past six months, underperforming the industry growth of 23.9% [11] - The company's shares are trading at a price/book ratio of 1.62, below the industry average of 3.73, indicating a discount relative to the sector [12] Earnings Estimates - Earnings estimates for CorMedix have been revised downwards, with 2025 estimates decreasing from $2.85 to $2.78 per share and 2026 estimates dropping from $2.37 to $1.30 [13]